LZLJ(SZ:000568) Huaxin Securities·2024-10-31 03:08Investment Rating - The report maintains a "Buy" investment rating for Luzhou Laojiao [2][4] Core Views - The company's performance is stable with a slight profit increase, as total revenue for Q1-Q3 2024 reached 24.304 billion yuan, a year-on-year increase of 10.76%, and net profit attributable to shareholders was 11.593 billion yuan, up 9.72% year-on-year [2][3] - The company is focusing on long-term terminal construction and product development, with mid-to-high-end products like Guojiao 1573 and aged liquor continuing to perform well [3][4] Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue was 24.304 billion yuan, with a net profit of 11.593 billion yuan, and a non-recurring net profit of 11.564 billion yuan [2] - Q3 2024 revenue was 7.399 billion yuan, with a net profit of 3.566 billion yuan [2] - Gross margin and net margin for Q1-Q3 2024 were 88.43% and 47.76%, respectively [2] - The company reported a net cash flow from operating activities of 12.465 billion yuan for Q1-Q3 2024, a year-on-year increase of 37.69% [2] Product and Market Strategy - The company is enhancing its product mix with a focus on low-alcohol products, which are gaining market share [3] - Marketing strategies include consumer engagement through initiatives like QR code red envelopes to boost product sales [3] Earnings Forecast - The report adjusts the company's EPS forecasts for 2024-2026 to 9.81, 10.20, and 11.23 yuan, respectively, with corresponding PE ratios of 14, 13, and 12 times [4] - The forecast for main business revenue is set at 33.359 billion yuan for 2024, reflecting a growth rate of 10.3% [4]